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Moody’s rates Midcoast Energy loans B2
Moody's Investors Service said it assigned ratings to Midcoast Energy, LLC, including a B2 corporate family rating, B2-PD probability of default rating and B2 on the senior secured credit facility, comprising its $100 million revolver due August 2023 and $650 million term loan B due August 2025.
The outlook is stable.
The proceeds from the initial $600 million term loan issuance were used to fund the purchase of Midcoast by ArcLight Capital Partners LLC in August 2018 from Enbridge Inc. (Baa2 positive).
In May, Midcoast upsized the term loan by an incremental $50 million.
“Midcoast's B2 corporate family rating reflects the company's moderate scale, limited geographic diversification, volumetric and commodity price risks, and relatively short track record of operations under new ownership,” the agency said in a news release.
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